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Kinetiko Completes $0.6m Capital Raising

Source: www.gulfoilandgas.com 9/3/2015, Location: Africa

Kinetiko Energy Limited is pleased to announce that it has successfully completed a placement to sophisticated investors to raise gross proceeds of $584,400. Proceeds from the placement will be used to further the negotiations with potential funding partners in South Africa, exploration of the Company's southern African projects and additional working capital.

The placement was priced at 3.5 cents per share, representing a 22% discount to the last closing price of 4.5 cents and will result in the issue of 16,697,138 new shares. Settlement will occur upon finalisation of documentation.

Kinetiko’s Chairman, Adam Sierakowski, commented, “The Company raised a similar amount in December 2014 and was able to sustain itself for 8 months, during which time we made significant progress with our South African projects. We expect this raising to facilitate the Company finalising project financing which will move the Amersfoort Project significantly toward commercial production, potential first revenues and maiden reserves”.

For more information about related Opportunities and Key Players visit Sub-Saharan Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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